Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
ITAT held that the Pr.CIT's revision u/s 263 and consequential addition u/s 68 for unexplained cash credits were unsustainable. The assessee had furnished complete evidences establishing identity, genuineness and creditworthiness of share subscribers, including responses to notices u/s 133(6) and compliance with summons u/s 131, with payments made through banking channels. Mere non-traceability of some subscribers at later dates could not justify addition u/s 68 in absence of contrary material. ITAT further held that reassessment proceedings initiated u/s 147/148 were barred by limitation, as the original assessment u/s 143(3) had examined and accepted the disclosed transactions and losses, leaving no failure to fully and truly disclose material facts. The reassessment was quashed and the assessee's appeal allowed.
ITAT held that the Pr.CIT's revision u/s 263 and consequential addition u/s 68 for unexplained cash credits were unsustainable. The assessee had furnished complete evidences establishing identity, genuineness and creditworthiness of share subscribers, including responses to notices u/s 133(6) and compliance with summons u/s 131, with payments made through banking channels. Mere non-traceability of some subscribers at later dates could not justify addition u/s 68 in absence of contrary material. ITAT further held that reassessment proceedings initiated u/s 147/148 were barred by limitation, as the original assessment u/s 143(3) had examined and accepted the disclosed transactions and losses, leaving no failure to fully and truly disclose material facts. The reassessment was quashed and the assessee's appeal allowed.
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